Daily Republican., 1887-09-07
Tho II. 40.

=. NEW YORK, sept4yessrk were
numoeness rrmors on Wall street to-
day In regard TO the presidency Of the
b. and .. Company, It being generally
oonceded thas at the next election,
which takes place In October, Robert
Garrett will be succeeded by either
Vice President Spencer or A. j. Csssstt.
John Newell, the president Of tie Lake
Shore, was a,so mentioned as being O
caudidat for the presidency. but tina.
10 denied by the Vanderbilt people.
The point upon which more interests
attach, however. 10 whether the deal
will be followed by the sale Of the tele.
graph to the Western Union. Mr.. j.
Pierrepont Morgan refused to deny the
rumors that statements In regard to
another deal, probably includ ing se;-
tlement OF tbs telegraph war, would be
made In few days. He says. how
ever, that there ware no new develop.
msnGs to record to day.
To.morrow's Sun will publish the
following:
''Mr. Samuel Spencer, the 6rst vice
president Of the Baltimore and Ohio
Railroad, was seen to-day In relation TO
The conflicting s.atements published
yesterday ard 10 day in regard 10 the
status Of the property and its actual re
lations 70 the syndicate pd the other
trunk lines. &A
"what fousdatlon ID Iere for the
statement that yoar roEd has passed d
into the control OF the syndicate OF
which MI. Pierrepon. Morgan Ia the
head. and how far will that control tx.
tend2" be was asked.
"The statement is absolutely without
foundation. The syndicate does not
want capital. 1t simply desires that
the same relation shall exist between
the Baltimore end Ohio aud the osher
trunk lnes that now obtain between
say the Pennsylvsnia Ra.!road and the
Reading, and the Erie and the New
York Central"
Mr.. Spencer said that this had been
conversation with Mr.. Morgan.
Harmony and cooperation do moi
mean the su5servieDcy OF any one in
terest. The came pypdicate practically 3
funded the Aoat;rg & debt OF the Erie Rail
wny, and no su5gerviency to New York
Central power followed. The same
bankers backed the Reading reorsani
zation, but there hss been no succumb
ing to Pennsylyania domination.
In fact, both these companies, which
were in far weaker positions than the
Baltimore and Ohio, are stronger and
much better able to pnetec: their inter
est, develop their RESOURCES and serve
the communities along their respective
lines By reason Of their association with
the strong. moneyed powers OF thi.
country and England.
"The syndicate has the greatest 10
tsrest now In the growth and pios ress o
the Baltimore and Ohio, and to secur'
this growth and progress absolute inde
ptndence Of other corporate predomi
nance Is essential, and the road mus
be worked In the interest Of the citie
and territories 1t reaches.
"This condition of harmony" he ad
ded, sis easily obtained, and 10 a
much In the interest OF the Bal!imort
and Ohio as o. any other line.
There "a no agreement or stipula
tion that the Reading and New Jerse.
Central contracts with the Baltimcr
and Ohio shall In any way be inter
fered with; In fact, they cannot b
without the consent Of all three corpo
rstions which are parties to them, o
they are legal aad binding upon all c
them.
"T.ere Is no truth Ia the statelnen
that $4,000, 600 of the Baltimore m
Ohio obligations were lifted on Septen
be- l, No such amount IVES due an,
there WAS no pressure upon the CON
psny at the time.
"rhe loan secured through the synd
cate was for future uss, and the PR
cesjs will be used only ss needed.
st was stated to day that you woul
succsed to the presidency"
81 have nothing whatever to sa
upon that subject, IL will be tim
enough to discuss that when Mr.. Robei
Garrett siguihes his determination I
retire."